DALLAS, Dec. 4, 2012 /PRNewswire/ -- Puration, Inc. (the "Company") (OTC Pink: PURA), a Dallas-based water-purification products company, announced today that the Company has been named as a defendant in a lawsuit in Dallas County, TX.
The lawsuit was filed by Regus Advisors, Inc., a shareholder of the Company ("Regus"), against Putcher Tubzhout, Inc. ((PTI"), another shareholder of the Company, along with Signature Stock Transfer, Inc. and Puration. In the action, Regus is seeking transfer to Regus by PTI of ownership of 35,000,000 shares of the existing shares of the Company's common stock. This stock was pledged by PTI to Regus in September, 2011 as security on a short-term promissory note given by Puration to Regus in the amount of $70,000.
The Company's books, corporate records, financial statements, public disclosures, filings, and other documentation all reflect that Puration's promissory note to Regus was paid in full by Puration on December 28, 2011 by agreement between the parties to issue Puration Series A Preferred stock in settlement of the promissory note, in conjunction with the reverse merger between Puration and Southwest Resources, Inc. taking place at that time. The promissory note and the 35,000,000 shares in question were cancelled immediately subsequent to the issuance of the preferred stock on December 28, 2011, by action approved by the shareholders and directors of the Company in conjunction with the merger.
The management of the Company does not believe the lawsuit filed by Regus has any merit, and plans to defend its position as necessary and recommended by the Company's legal counsel to protect the company and its stockholders.
Puration Inc. is a Nevada Corporation that designs, develops, manufactures and distributes a number of water purification products. The Company's Flagship products, the "Sport" and "Pocket" Personal Water Filter Systems, provides consumers fresh drinking water on-the-go from tap water at a fraction of the cost of bottled water. The Company website is www.purationgroup.com and the product website is www.filter2go.com
Don Harris, CEO
Safe Harbor Statement - This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "expects," "plans to," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings at OTCMarkets.com. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
SOURCE Puration, Inc.